Press release
Work Light Global Market Report 2024 - By Demand, Share, Size, Growth, Forecast To 2033
Work Light Market
The Business Research Company presents an extensive market research report on the Work Light Global Market Report 2024, furnishing businesses with a competitive edge through a detailed examination of the market structure, encompassing estimates for various segments and sub-segments.
Furthermore, the report highlights on emerging trends, significant drivers, challenges, and opportunities, providing all necessary data for thriving in the industry. This report market research offers a comprehensive perspective, including an in-depth analysis of the present and future scenarios within the industry.
Market Sizing:
The work light market size has grown strongly in recent years. It will grow from $32.52 billion in 2023 to $34.37 billion in 2024 at a compound annual growth rate (CAGR) of 5.7%. The growth in the historic period can be attributed to industrialization and construction boom, occupational safety regulations, infrastructure development projects, automotive repair and maintenance, emergency and rescue operations.
The work light market size is expected to see steady growth in the next few years. It will grow to $40.95 billion in 2028 at a compound annual growth rate (CAGR) of 4.5%. The growth in the forecast period can be attributed to increasing trend of diy (do-it-yourself) projects, smart lighting solutions, rise of portable and compact designs, green and sustainable practices, expansion of end-user industries. Major trends in the forecast period include technological integration for task-specific lighting, advancements in led technology, led technology dominance, durability and robust construction, cordless and portable designs.
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Key Market Players:
Major companies operating in the work light market report are Horpol J.I.A.T., HARMAN International (Samsung), Cooper Industries (EATON Corporation), Osram Licht AG, Peterson Manufacturing, Absen Inc., Luceco plc, Bayco Products Inc., Hugo Brennenstuhl GmbH & Co Kommanditgesellschaft, Streamlight Inc., Lex Products Corp., Ericson Manufacturing Co., Scangrip North America Inc., Apollo Design Technology, Ledlenser GmbH & Co. KG, Altman Lighting Inc., Gentos Co. Ltd., ABL Lights Inc., WF Harris Lighting among other, Signify, Larson Electronics LLC, Blizzard Lighting LLC, AIS Lights, Antari, Ayrton, KIRA Leuchten GmbH, Luxgend Electronics Co. Ltd., Steisone (STE)
Market Drivers:
The rising number of construction projects is expected to propel the growth of the work light market going forward. A construction project is an organized process of constructing, renovating, refurbishing, retrofitting, or adapting a building or other built asset, such as a tunnel or bridge. It is a temporary project that seeks to achieve specified goals while working under certain constraints. Work lights play a vital role in construction projects by providing adequate lighting for workers to perform their tasks safely and efficiently. Effective lighting solutions can boost productivity, reduce accidents, and improve employee well-being. For instance, in Septe In September 2021, Oxford Economics, a UK-based economic information services company, reported that the global construction output amounted to $10.7 trillion in 2020. They projected a substantial growth of 42%, equivalent to $4.5 trillion, between 2020 and 2030, with the anticipation that the global construction output would reach $15.2 trillion. Therefore, the rising number of construction projects is driving the growth of the work light market.
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https://www.thebusinessresearchcompany.com/report/work-light-global-market-report
The work light market covered in this report is segmented -
1) By Product Type: Flashlight, Spotlight, Clamplight, Lantern, Other Products
2) By Operation: Battery Operated, Plug-in
3) By Light Technology: Integrated LED, Halogen, Fluorescent
4) By End-Use: Construction, Warehouses, Manufacturing, Mining
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